Apply to PenFed now or later?

Apply to PenFed now or later?

After some research, I think I'd like to try becoming a penfed member and possibly get a CC through them. (As well as a used car loan down the road)

Currently all 3 scores are around 650, I only have 2 open lines of revolving credit totalling $2150 at 1% util. I also have a CO cc debt of $12k in collections which I'm currently negotiating to settle for. I won't be in a position to pay this off for at least 2 more months.

I know PenFed pulls EQ (662) just to become a member. Should I..

A) Join today and get a membership started (assuming I'm approved) and wait until I've settled the collection to apply for a CC through them

B) Wait unti Ilve settled the collection before even applying to become a member

Re: Apply to PenFed now or later?

You'd really want to try for a Penfed CC with your EQ FICO in the 700s. They are fairly conservative. I opened a share account with FICOs in the 600s and got approved. They'll pull EQ. I tried for a CC with my EQ FICO around 750 and was turned down for high util (around 20% then) and too many inquiries.

Re: Apply to PenFed now or later?

Your current debt awaiting settlement may derail you. As stated earlier, they are extremely conservative and do not do well with charge offs or collections from what I have learned. I do have membership, cc and a car loan with them. Got the cc and membership at opening, car loan a little after a year later. As always YMMV. My EQ was around 767 when I joined.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.